China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.

The White House has issued a statement saying the U.S. announced a China trade deal after the conclusion of talks between the U.S. and Chinese delegations in Switzerland on Sunday. But it wasn't immediately clear whether a deal had actually materialized.

The U.S. tariff on Chinese imports reflects a 10 percent baseline and a 20 percent tariff related to China's role in the fentanyl trade. It is down from a combined 145 percent. China had previously mirrored the reciprocal rate up to 125 percent.